₦airaland Forum

AyeMoJuba:
No one paid kobo
They were released because pressure was mounted on them and some of them were already captured
I repeat, no one paid 1 kobo

I hope you're being sarcastic?

EkiranAlexmedia:
https://tribuneonlineng.com/breaking-one-killed-as-gunmen-release-kidnapped-ekiti-school-children-teachers/

Rescued ke?? Una no serious at all. They were released due to payment of ransom, give complete news and stop this silly reportage.

Go learn a vocation pls, jobs no even dey for the multitude of quarter baked graduates our Unis keep churning out yearly

Samakus:
That's for a country that actually produces. What do we produce here?

Increasing import duty won't turn us overnight producers. Nigeria critical sectors lack capacity to produce. Insecurity and non existent power supply is a key contributor to that

Increasing import duty won't stop or slow down importation. It will only make imported goods super expensive. The bad news, we import virtually everything, so every thing skyrockets

Thank you for explaining to delarue. The border buhari closed to enable us focus on local rice production, what did it accomplish?

OfeAchi:
Rome wasn't built in a day. Give Jagaban more time to stabilise the economy. By end of this year, everything would normalize. Naira would find it's place of rest at N500 to $1.
It took Jagaban at least one year to transform Lagos.
Good, established, improvements take time to form.
You don't just build a school in one day!

Your mumu never do?

I wonder if there's actual evidence that he was part of the hooligans that burnt the building....he has to pay for destroying public property if found guilty

skj1377:
Let me explain. Besides your experiencing it. Between N336 to $ in 2021 and N1550 to $ in 2023 a space of 1yr plus our population did not double neither did our manufacturing capacity reduce by half. So the question is why the sudden uncontrollable crash. Let me give you a hint. Wealthy Nigerians have a penchant to convert Naira to dollars and store in foreign economy that alone is bad for our economy. Can't type much am tired! Finally the principle of floating a currency is fundamentally wrong for a country like Nigeria. The United states may float their currency but have checks and balances one of it is law against unverified inflow from other countries . They simply will not allow you to bring unknown money and invest in a " house purchase" for example besides their wealthy citizens don't have a penchant to save their currency in EURO or GBP even when those currencies are stronger against the Dollar.

Floating the naira was never a good long term plan, it can only give you very short term gain but apparently cbn and fg prefer the short term gain to actually implementing a long term solution

The problem for this country no dey ever end....was dangote refinery not supposed to relieve pressure on $?

The Dangote Refinery plans to import crude from the United States in the coming months.

According to a Bloomberg report, the transaction indicates how competitive American barrels have become in the international market.

Trafigura Group sold 2 million barrels of West Texas Intermediate (WTI) Midland to Dangote refinery for February-end delivery, the report quoted traders as saying.

..... https://www.thecable.ng/dangote-refinery-to-import-crude-from-us/amp

https://www.premiumtimesng.com/news/more-news/653038-reps-move-to-revive-yuan-naira-swap-deal.html

@meinemutter, for your reading pleasure.

Truth is when the naira becomes useful to other countries ( when Chinese importers for instance need naira to import goods from Nigeria), the countries will be the ones proposing a currency trade deal. Fact remains that for now, no top country is willing to exchange their currency with the naira.

MeineMutter:
Your assertion means our banks must be moving plane ✈️ loads of foreign currencies to foreign lands after a Nigerian buys anything from abroad.

It doesn’t work like that. I worked at CBN in 2001/2002 and I know a few of it.

You can find out more,
The major foreign currencies they move to Nigeria is those real used from oil sales.
If you sell anything to anybody abroad, the only reason you are able to withdraw foreign currency is because our government allows domiciliary account. So when you get value in your dom account, you draw cash over the counter. If our government doesn’t allow don account, you get Naira value on your Nigerian bank account and draw Naira over the counter.

The only store of value is gold or other precious metals. It’s because we don’t have enough gold in store (reserve) that we can sell when we have commitment to pay abroad, that’s why their is less reliance or less believe that we have what it takes to meet our future commitments.
This adds to why Naira is not valuable.
Check all those powerful countries. They don’t move currencies across Europe and the US in commercial quantities the way we do on Nigeria because they don’t spend it there.
They are only debited and credited for values.
Other things that caused us to have worthless Naira is we don’t export, we import too much.

I never said we move physical fx, i simply said nigerian banks have to settle their foreign counterparts. There's a window for interbank settlement, both local and foreign. You say you worked in cbn in 2001, I work in a bank presently.
Even local naira transfers work pretty much in the same way. When a gtb customer sends money to a zenith customer, gtb credits interbank which prompts zenith to credit their customer even when they might not have gotten value. Interbank then settles zenith bank .i.e like a refund. The system is automated so of course it seems instantaneous and all that. A similar thing plays out when you use a card online, merchant is credited before the cardholder's and merchant's bank then settle themselves. No foreign bank will accept naira cause they aren't using it for anything. What we need is a currency swap deal, maybe with china cause we definitely don't have the might to swap with usd. The deal, if successful, will allow us make payment for yuan denominated goods in naira instead of the current system where you have to pay in dollars and then the system converts the dollar to yuan. So the pressure on usd from people importing from China or buying items on chinese websites will dissipate and free up more usd for other uses. Funny thing is there's actually a yuan - naira trade deal in place but for some reason it isn't active

MeineMutter:
It is an automated transaction. That debit of Naira is converted to an equivalence of whatever currency is agreed at the moment the payment is made.

It’s only values (numbers) we are just spending, not real paper.

As conversion is made, your Naira balance decreases after considering current exchange rate used at that moment and the Dollar (or whatever currency) account of the merchant increases (credited) in value of his or her currency you agreed when making the contract of sales.

For example, if an American buys something online from European seller (merchant) and uses his card, an American is debited the equivalence of Euro at that moment he was making payment, using official rate, then an European merchant is credited with Euro value of the sales. It’s as simple as that.
The same thing will be applicable to someone buying in Naira.

We were using our cards for international payments online before in Nigeria until FG blocked it because Nigerians were using the opportunity to move stolen money abroad.

At that period, there was No pressure on Naira at all because you can easily buy with your Naira card. More so, we were importing less then, our refineries were working.

I witness an era when N0.34kobo was equivalent to $1.

That's not the way the system works. Firstly, the reason naira cards were suspended from consummating fx denominated transactions was not due to fraud or moving stolen money (not sure where you got that information btw) but because nigerian banks were unable to settle their foreign counterparts.
What happens when you use a naira card to buy an item on aliexpress for instance, is that you will be debited the naira equivalent of the item amount and the merchant's bank will credit the merchant the item amount after a couple of days or hours depending on the platform but your bank will have to source for fx and pay the merchant's bank to refund what the merchant's bank credited to the merchant. It got to a point that nigerian banks were unable to pay their fx obligations as cbn was not releasing fx (due to shortage). This is the reason why naira cards were banned. Dollar cards are allowed due to the fact that the bank does not need to source for the fx, the customer already has the fx before the card can work.
Hope you understand the way it works now and why your solution isn't tenable.

theophorus:
Dem no even advise this girl as she pose for picture see the lips like thick ponmo.

But why some people dey behave like this?
Why spread your seed anyhow/anywhere?
Must you enter any/every hole?

Abeg make una dey put sense for this thing small-small.

Thick ponmo wan kill me

BrownEnvelop:
https://www.lindaikejisblog.com/2024/1/superstar-footballer-neymar-demands-dna-test-to-confirm-four-month-pregnant-brazilian-lover-is-expecting-his-third-child.html

She don use botox spoil her lips...what a pity

TajuDEENaMao:
https://punchng.com/17-year-old-rescued-in-ogun-kidnappers-flee/?amp

Na so...no kidnapper was caught means that ransom was paid. All this yenyenyen na just story

MeineMutter:
Let them allow us to be using our Naira cards for international transactions, reduce importation, and ban domiciliary accounts.
Under 2 months, Naira will bounce back.

I am sure government is afraid that people who have stolen Naira will use the opportunity of opening our Naira card to move their illicit funds abroad. This may be right but we have to win some and loose some. We can’t win on all fronts.

Open the Naira card for international transactions and let those importers /students etc be able to pay online. There would be less need for applying for Dollars in/at banks or going to Abokis’ shops.

I feel utilizing those I suggested would help crash prices of things and reduce inflation.

So how would banks get the fx to settle the merchants after their customers have been debited in naira?

[quote author=eyinjuege post=128206657]Left has over 4000 cases of their drivers sexually assaulting their customers..
Yet some men here are trying to blame the women/victims.
Whether she reported the case 5 years ago when it happened or now, that doesn't change the fact that she was raped . There's evidence with the birth of a baby[/quot

There's evidence it was a rape? Where's it? Or is the word of mouth of the lady 4 years after the fact the evidence?

braine:
Since 2019! Lol.


Sex probably happened that night, if it did, it was obviously with her consent.


Theres probably a recent discovery of paternity fraud, so she's looking for whom to blame it on after 5 years.

Actually no....she saw that other ladies were cashing out by suing the ride company so she joined the bandwagon. Did you not notice that for all the phantom mental suffering the driver put her thru, she did not think to sue him, instead she sued the company cause that's where the payday is

Curious345:
Op stop smoking baboon shit

Nigga must really be high on some cheap shit...imagine saying Tiwa is worth more than Wizkid and Don Jazzy

PHILipu1:
Tinubu is not Buhari that didn't care about his fellow party men and women.

Tinubu has given Sim the last warning after burning the state assembly,he should try anything stupid again and you will see what will happen.

Tinubu will give Wike federal might over anyone in River State right now

Your comment is really funny bro. Tinubu is smart enough to know that over 80% of Rivers indigenes are in support of Fubara and any adverse action taken against Fubara will reflect poorly on him in the next election....If Tinubu mistakenly removes the security retinue, it wouldn't be very difficult for Fubara to create a homegrown security outfit like Amotekun. If Tinubu refuses to remit allocation, Fubara controls the second richest state in Nigeria, nothing much Tinubu can do if Fubara, today, decides to stop catering to the antics of Wike's men

lexy2014:
but since you know how football works, you still were not able to answer my simple question.

what has financial woes got to do with his winning Laliga?

I don't answer silly questions...e don do, happy sunday

lexy2014:
what has financial woes got to do with his winning Laliga?

Do you know how football works? Cause this your question tells me that you don't

civilserva:
Most of you seriously engage in porn and ethnic bashing

I don't understand why people like derailing threads so much, what do you guys gain from it? Read from page 1 of the thread and point out any ethnic bashing or pornographic content that you noticed pls.

Clara16:
The eagles played well and with great strength and hunger for a win. Great defence, good possession, shots on target, we need more of it.

Osimhen is doing well. Congrats to them



Pornography is short-term pleasure which can never provide long term happiness, but ultimately leaves its users increasingly dissatisfied. - Anon

What concerns porn in Nigerian match thread?

Bahamas95:
Quick recovery to Stanley because I don't trust that shaky shaky Uzoho, he can't even play goal kick.



Please Peseiro shouldn't start Zaidu and Iwobi in the next match, they're so annoying to watch......Zaidu can't make crosses into the box while Iwobi runs around the pitch aimlessly. If not for Onyeka the midfield would have been totally exposed.

Zaidu has heart, he runs and tackles very well but his crosses and passes aren't impressive. He needs to focus more on that in training and he'll be fine.
Iwobi has not impressed at all in this afcon, i keep waiting for him to do something but he keeps disappointing with his displays.

ednut1:
worst coach how Where will u put Gary Nevvile, Lampard, Henry, Gerrard

Don't mind him, some people comment without thinking

bigdawg7:
good riddance to bad rubbish xavi was mediocre as a player and coach

He was never a mediocre player neither is he a mediocre coach. He won barcá the la liga last season, something that was rather unbelievable given their financial woes. He has given his best and should be appreciated not ridiculed....fans are really terrible and ungrateful creatures

Boldideas:
Tinubu like some are already insinuating have nothing to do with this, it simply because people prefer to drink Striker, Night charger, Gboya, Érujéjé, Yahuzee, Jedi, Dongoyaro, Lemon grass which cost just N200 and its 40℅ alcohol with a bit of dick hardner herbs than sitting down to consume a bottle of sugar called Guinness for N600/N700 and its just 5.5% alcohol ... In economics, it is called a scale of preference. 😂😂😂😂😂

Pls read the op at least na. It was clearly stated that their revenue (sales) increased but cost of sales also increased due to fx harmonisation.

It pains me when people refuse to take a few minutes to read the op but would rather jump to a ridiculous conclusion

nedekid:
Did you watch the vp at the recent forum at Davos?
Nigeria can do better.

Any link?

designking:
Fake beer coupled with rising inflation has forced many to drink just clean water.

The Brewers are not putting in enough measures to combat counterfeiting of their products.

If you actually bothered to read the op, you'll have seen that their revenue increased meaning that sales increased. The main reason for the loss is fx harmonisation by cbn

Whalis:
I read things in between the line. Mrs Ibu set up these two people. She has paid money to the police to have them by her side. These two people pulled ibus money out of reach of his wife. This is the grouse of the woman. If a bad child received 55m last year Sept and till now you can still find 50m with him he is actually not a bad child.

What about the marriage and UK visa bit?

NoahHadNoArk:
Pictures or…………..


A true Nairalander should complete

Adonbilivit